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Council expands Affordable Housing Trust Fund uses for homeownership; debate continues over inclusionary zoning and 430 Market project
Summary
The City moved to allow Affordable Housing Trust Fund dollars to be used for affordable homeownership and discussed a separate downtown 225‑unit project where developers say an older site‑plan approval keeps the project under prior inclusionary zoning rules.
The Newark City Council voted to expand how the city’s Affordable Housing Trust Fund may be used, adding affordable homeownership to the list of eligible expenses, and heard a separate public hearing and questioning about a 225‑unit mixed‑use project at 430 Market Street.
The trust‑fund amendment amends Title 10 of the city code to permit trust funds to support affordable homeownership construction as well as rental development. Deputy Mayor and Director of Economic and Housing Development Lisonbee Ladd told the council the change is intended to boost homeownership for Newark residents and allow the city to provide construction or “gap” funding to build affordable for‑sale units. She also said the city already runs down‑payment assistance programs and “we are able to provide $20,000 to people who wanna buy a house in the city who are first time homebuyers.” The council approved the amendment on the council floor.
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